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Software Recommendations

 
     
  On this page I will give recommendations for helpful and essential software. Please note that I do not go for loading up with expensive predictive, modelling or selection software. If you have studied the simple approach I teach on this site, you will only need software which can help refine the process. You should be able to make your own selections, and not rely on a non thinking robot.
 

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Here is some software that I have found helpful in my options trading endeavours:

1. The Options Toolbox - Best for learning option theory (shows you how it actually works) and for simulated position analsysis.

Options toolbox
The Options Toolbox is an interactive educational program designed to enhance investors' knowledge of exchange-traded equity options, index options and LEAPS. This comprehensive tutorial contains educational sessions and tools, including an options calculator, to help investors test their ideas.

The Options Toolbox contains:

  • Equity and Index Option Strategy Selection
  • Option Fundamentals and Pricing
  • Simulated Position Analysis
  • CBOE Product Information and Reference Tools

This software has tons of information about all types of option trading. For me, the most valuable has been the positions simulator, which I use to calculate profits on my option trades when I have used a stock swing strategy e.g. "when the stock hits Price X, how much will the Option be worth?"

CBOE has stopped providing the software, but you can download from the here. Please note that it sometimes has hiccups with Windows Vista (but mostly runs fine).

2. Volcone Analyzer Pro - Best for live options trading

I really like this software for live options trading. It is reasonably priced, has lifelong free upgrades, has a really good interface, is simple to use, and operates of a free data feed, so once you have bought it, it will not cost you any extra (unlike some software, for which you have to keep on paying!). Despite that, it has some powerful and unique features that you won't find in other software available.

The main feature of the software is that it gives you a measure of the volitility of the option you are about to buy, and clearly lets you know what your expected profit should be for a given trade. It is an accurate and invaluable decision making tool.

Your option trading business is not complete without this software - I cannot recommend it strongly enough.

Get it from Options University.

 

 

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